Hong Kong horse racing bets on party image as belts tighten

Tracks and betting shops overflow twice a week in Hong Kong thanks to the city's enduring horse racing tradition -- with crowds of tourists and expats going along for the ride.

Hong Kong has two racecourses, Happy Valley and Sha Tin, with meets on Wednesday and Sundays drawing hardcore enthusiasts glued to form guides, and casual visitors more interested in a cold beer than the horses. 

Gambling takings reached a record HK$107.9 billion ($13.9 billion) last year, with the number of betting accounts growing.

But officials are predicting a rare dip in revenues this year as the size of bets shrinks due to a regional economic slowdown, centring on mainland China's faltering fortunes. 
Takings are one to two percent down on this time last year, says Anthony Kelly, racing business executive director of the Hong Kong Jockey Club.  

If the trend continues, 2016 will see the first annual decline in the club's racing turnover since the global financial crisis of 2008.

"They (racegoers) haven't got quite so much money in their pockets to spend," says Kelly.

An ageing population is also problematic.

"The core audience is getting old. One of the challenges we have to manage here is how you get younger people to be interested in horse racing." 

- Party atmosphere -

Racing was introduced to the former British colony in the 19th century and survived Hong Kong's handover to China in 1997, even though gambling is officially banned on the mainland.
The non-profit Hong Kong Jockey Club is the only legal betting outfit in the city and runs the two racecourses as well as 100 betting shops under a government licence.

Massive proceeds from 83 race days per year have made the club the city's largest single taxpayer, with more than HK$10 billion handed to public revenues annually as well as charity donations.

Race day stalwarts are predominantly men and tend to be an older crowd.

Now the club wants to build on the racing scene's growing reputation as a good, cheap night out to boost its popularity into the future.  

At the Happy Valley racecourse, set against a towering city skyline, serious gamblers keep an eagle eye on TV screens in brightly-lit betting halls.
In contrast, at outdoor tables trackside there is a party atmosphere, where mainly ex-pats and tourists gather to chat, drink, eat and occasionally bet on a whim -- often determined by a horse's name, or the colour of a jockey's jersey.  

A Latin music band performs in the breaks as models pose in front of an exhibit of luxury sports cars. 

"It gives you some adrenaline when the horses take off. It gives you goose bumps," says Belgian tourist Stephanie Briessinck, a first time visitor, who did not bet. 

"The crowd is nice and the atmosphere is very nice. I like it a lot," she said.

The Jockey Club bills these race nights as "Happy Wednesdays", and promotes them on the city's official tourism website. 
Kelly says the club has been investing in racecourse facilities to attract a wider crowd.

An entrance fee of HK$10 also makes access inexpensive to visitors, he says. 

"It's a little fun and it's a little bit of escapism," Kelly said.

- Big bettors matter -

But amateur experts -- who tend to be bigger bettors -- are still the mainstay of the sport. 

Leung Kwok-kwong, 52, has been a regular racegoer for 20 years, spending around HK$5,000 a time. 
"Holding the form guide makes you feel alive...It is part of my life. I'd feel empty without it," said the construction contractor, a father of three, on a night out at Happy Valley. 

"I lose most of the time... but I just enjoy the process."

The city's racing tradition means it is well-placed to survive as the sport's popularity declines globally, says Hong Kong-based horse racing columnist Michael Cox.

"The sport is so interwoven into the fabric of society here...if you walk around, especially a working class area on any day of the week, you'll see people with newspaper form guides in front of them, picking a winner for the upcoming race meeting," he told AFP.

The history of racing in Hong Kong, enjoyment of a flutter, big competitive fields and close finishes also make for a "very exciting product" says Cox, although he adds that enticing new generations is key. 

"The club need to ensure the sport remains relevant to a younger demographic," he said.

For now, regulars like Leung remain at the heart of the sport.

"Here I can test my luck, relax and kill some time on my own," he tells AFP, saying he makes sure he doesn't "go too far" on his betting.  

He added: "It is just entertainment."

Source: AFP